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Posts Tagged ‘Chicago’

So although I wasn’t happy to see two old buildings demolished, I’m glad there will be a patch of green and trees in the middle of the Loop. The John Buck Company, developer of the neighboring 155 N. Wacker, is helping to develop this new downtown public plaza located at Randolph and Franklin Streets. Now for the fun part, Chicago taxpayers are footing the $7MM bill for this public plaza through TIF funds.

Rosebud owner plans late-night comfort food spot in River North

(Crain’s) — Rosebud Restaurants Inc. is planning a new eatery in River North that will feature fresh-made baked goods in the morning, comfort foods at lunch and dinner and a kitchen that will be open well past midnight.

The café, dubbed Eatt, is under construction and is slated to open by June at 6 W. Hubbard St., the longtime home of Vong’s Thai Kitchen, a popular Lettuce Entertain You Inc. restaurant that closed in December when its lease was up.

The concept is loosely modeled after European cafes that are open for breakfast – where diners often grab bread or pastries to go – and then cater to lunchtime, dinnertime and bar-time crowds, says Rosebud owner Alex Dana. Eatt will stay open until either 2 a.m. or 4 a.m.

“Chicago has certainly become a nightclub city, much more than it used to be,” Mr. Mott says. “You can only go to the Wieners Circle so many times.”

Rosebud, which is best known for upscale Italian restaurants and steakhouses, is looking to capitalize on the popularity of the Hubbard Street area for diners and club-goers. Mr. Dana says he also expects Eatt’s fare, items such as short ribs, hamburgers and tuna sandwiches, to play well in a difficult economy.

“It’s going to be a little higher-end comfort food with a real heavy value to the portions,” says Mr. Dana, whose Chicago-based Rosebud has 11 locations in the city and suburbs, including a Rosebud Trattoria in River North at 445 N. Dearborn St.

Mr. Dana first tested some elements of the comfort-food menu last year in west suburban Naperville, where he overhauled the menu of the Rosebud there to focus on items like hamburgers, chicken in a basket, ribs and hot dogs. The experiment lasted only about six months, though, as an outcry from the locals for the old Rosebud menu prompted Mr. Dana to reverse course.

He says the comfort food was well-received, though the family-oriented Naperville crowd was more interested in having Rosebud’s traditional Italian menu than they were in paying upwards of $8 for a burger.

“Sometimes you’re not as smart as everybody thinks you are, and you’ve got to be willing to eat a little crow,” Mr. Dana says. “The town was so caught up with our Italian culinary, they didn’t want to hear about burgers. They wanted their spaghetti back.”

That’s partly why Eatt will have its own, distinct brand separate from Rosebud, Mr. Dana says. He also thinks the River North location is well-positioned for the concept because of the tourist crowd along with nearby bars, restaurants and hotels.

“That location is so hot. There’s so much foot traffic,” he says. “There are a lot of people in the (restaurant) industry who work late and want a place to eat after work. There are all the people in their hotels. They don’t want to eat in their rooms….”

We’ve got a new listing to talk about! Only 1 day on the MLS and we’re already getting calls about it. This is a large 1Bed in the historic Manhattan building in Chicago’s Printer’s Row neighborhood, just North of Congress. Located at 431 S. Dearborn the home features an updated kitchen and bathroom, a great breakfast bar, and even enough space for a dining area.

The home also features hardwood floors throughout, very large windows which are great for letting in tons of sunlight, in-unit laundry, and tons of storage. The building features a doorman, bike room, and extra storage space. This home’s location is perfect! You’re a short walk away from all there is in the Loop, the El stops, Grant Park, and all of the restaurants and shops in Printers Row and State Street! Priced at $209,000!

Check out a couple of the pictures and for the full virtual tour, click HERE!

If you or someone you know are looking to buy, sell, or rent a home, don’t hesitate to contact me. Email me at jeffstewart@atproperties.com.

Spire affiliate reports big loss linked to stalled tower

(Crain’s) — A Dublin-based affiliate of Chicago Spire developer Garrett Kelleher reported a $207.6-million annual loss, much of which is attributed to the stalled Spire project.

Clarinabbey Ltd. says in an annual financial report filed last week in Ireland that the company took a loss provision against loans made to other companies led by Mr. Kelleher – including one that’s been a major financing vehicle for the Spire. Clarinabbey says the provision stems from “uncertainty associated with the recoverability of amounts owed by group companies.”

Financial results were reported in Euros and converted to U.S. dollars.

The Spire project, a twisting, 1,194-unit condominium tower at 400 N. Lake Shore Drive that would have been the tallest building in the United States, may account for at least $135 million of the $197.7-million loss provision, based on a previous filing by Shelbourne Finance Ltd., which is the entity pegged to the provision in Clarinabbey’s filing.

Shelbourne Finance has previously said the firm provided an interest-free loan of $38.2 million to a Spire-related entity and separately advanced the project $96.8 million, according to its 2008 annual report, the most recent available.

Clarinabbey, whose majority owner is Mr. Kelleher, reported last week that it is “technically in breach” on loan-to-value and interest-coverage covenants with its lenders, a group that includes the now-nationalized Anglo Irish Bank Corp., along with Royal Bank of Scotland Plc and Bank of Scotland (Ireland) Ltd.

Clarinabbey says it’s working to negotiate a standstill agreement with the banks or a restructuring of its loans, but that “there exists a fundamental uncertainty over the company’s ability to meet its obligations as and when they fall due.”

The financial reports were filed with the Companies Registration Office in Ireland.

Calls to spokeswomen for Shelbourne and a voicemail left at the firm’s Chicago office on Wacker Drive weren’t returned.

Clarinabbey reported the $207.6-million loss for the period ended March 31, 2009.

The Fata Shackelford Group at @properties is having a busy weekend for open houses. Take a look at the homes being advertised and their corresponding virtual tours! Let’s sell a house today!

Saturday, February 20th

– 11 – 1PM: 1950 W. Diversey, Unit 1 – 3Bed/3Bath duplex with almost 2,800 square feet! This home has tons of storage space, two fireplaces, two living areas, and big bedrooms! 1 garage spot included. Close to a lot of retail and restaurants.

The entire building was JUST gut rehabbed and everything is new from the condos to the roof and tuckpointing. Awesome prices, two blocks from the lake and red line stop. 5 COMPLETELY DIFFERENT floorplans in the building. Bring your buyers and check it out!

5510 N. Kenmore Ave.

Sunday, February 21st

– 1 – 3PM: 1219 N. Paulina, Unit 2S – 2Bed/2Bath condo with tons of space and sunlight. Built on an extra wide lot, the living space is HUGE and the home has a lot of upgrades. Brazilian cherry hardwood floors and cherry cabinets to name a couple.

– 1 – 3PM: 4746 N. Kenmore, Unit 2S – 3Bed/2Bath JUST hit the market 3 days ago. Tons of sunlight, huge master bedroom, includes an indoor garage spot, tons of storage and closet space. A lot of recent updates done to the home so it’s in great shape. Close to the red line and has great outdoor space.

The entire building was JUST gut rehabbed and everything is new from the condos to the roof and tuckpointing. Awesome prices, two blocks from the lake and red line stop. 5 COMPLETELY DIFFERENT floorplans in the building. Bring your buyers and check it out!

Bull & Bear owners, diner to open River North locations

(Crain’s) — The owners of the popular Bull & Bear pub and a local diner plan to open new locations this year in River North.

The firm that owns the Bull & Bear and Stone Lotus, Twilight Traffic Control LLC, leased 12,000 square feet on the ground level and basement at 400 N. State St. for an upscale, “beer-centric” pub that’s to open in September, says Luke Stoioff, a partner with Twilight Traffic.

The 10-year lease has several five-year extension options, Mr. Stoioff says. The location will be twice as large as the firm’s two other River North spots and have a little more expansive menu than Bull & Bear, 431 N. Wells St., serving contemporary American comfort food, he says. It also will have beer taps at the tables.

The 400 N. State building is now 80% leased, says Marc Bushala, the majority owner and managing partner of the group that bought it in 2008.

News of Twilight Traffic’s plans was reported last week by newsletter Marina City Online, which says Redfish closed in July 2008.

Clarke’s, whose “Oh my. You should eat” sign at the 930 W. Belmont Ave. location is well-known to CTA riders, is to occupy space vacated about a year and half ago by residential real estate brokerage Keller Williams Realty, Mr. Holmer says.

The new location will be the biggest for Clarke’s, whose three others are about 4,000 square feet, says Dan Moon of Moon LLC, who represented both sides in the lease. The River North site is targeted to open in mid-April, he says.

Both Clarke’s and Twilight Traffic’s have proven concepts, which should help them succeed even in today’s economy, says Jeremy Kudan, principal at Chicago-based brokerage Kudan Group Inc., which specializes in restaurants and was not involved in either deal.

High traffic and River North’s affluent demographics also give both “a huge chance at long-term success,” Mr. Kudan says in an e-mail.

In an e-mail statement, Clarke’s owner Tom Tsatas says River North “is a perfect location for our clientele and we are looking forward to becoming the local neighborhood restaurant for quality, inexpensive American fare.”

Check out our new two bed, two bath @properties listing, located at 6 S. Laflin Street in Chicago’s West Loop neighborhood. Now, as soon as I set foot into this home my eyes immediately went to the huge windows to look at the AMAZING, unobstructed views of downtown Chicago. I swear the rest of the home is great too but I’m always a sucker for a city view. 6 S. Laflin has a great sized kitchen with plenty of storage, a spacious living area, and a great sized bedroom on the first floor. Walk up one flight of stairs where the master bedroom suite is and you’ll find a HUGE walk in closet and an outdoor terrace that begs for a major party in the summer.

This part of the West Loop has seen a major expansion lately and will only continue with development. You’re about a block away from Skinner Park and Union Park, and close to some restaurants and stores.

Laflin is listed by @properties agents Karen Fata and Jordan Shackelford at a price of $339,000. This place is seriously priced to sell quickly. If you have any questions…or want to buy the place, send an email to jeffstewart@atproperties.com.

Check out a few pictures of the home below or check out the full virtual tour HERE!

New Catholic school building slated for South Loop

(Crain’s) — The Archdiocese of Chicago plans to start work in June on a new school building on a South Loop site purchased from a venture including restaurateur Matthew O’Malley.

The 33,000-square-foot elementary school building is to be completed in 2011 next to Old St. Mary’s, 1500 S. Michigan Ave., Chicago’s oldest parish that has seen its school’s enrollment grow amid the housing boom on the Near South Side. The school is currently located in a 12,000-square-foot former warehouse.

Mr. O’Malley’s venture sold for $2.4 million, after paying $1.35 million for it in 2005, property records.

Mr. O’Malley has a daughter at the school and is also donating to the building project. He was at the center of a controversy several years ago over an agreement with Chicago Park District to operate the Park Grill restaurant in Millennium Park. He could not be reached for comment.

The school, which opened in 2004, offers pre-kindergarten through fourth grade and now has about 170 students. A grade is being added each year, with some 215 students expected to be enrolled next school year, says the principal, Mary Lee Calihan. The school is getting many more applications than it can accept, she says.

The new building will be primarily a school, with some meeting space for parish use, says the Rev. Mike Kallock, Old St. Mary’s pastor. Newman Architecture of Naperville designed the building.

The school is proposed for a site that includes some land that the archdiocese already owned. The archdiocese has requested a zoning amendment for the property, and is represented by attorney Thomas S. Moore of Chicago law firm Anderson & Moore.

The parish is also growing, with more than 1,200 people at Masses on Sundays, up from about 500 when the church moved to its current site in 2002, says Rev. Kallock, who has been pastor since 2006.

The archdiocese is financing the $6-million construction project without loans, and the parish will have to pay back the money. The project has been scaled back from original plans that were too costly, Rev. Kallock says.

Today, we’re hosting an open house at one of our listings, a 3Bed/3Bath duplex-down located at 1950 W. Diversey Parkway from 1-3PM. This home has SO much space in it, around 2,800 square feet so it’s definitely not lacking in size. The building’s also built on an extra-wide lot so the every part of this home, including the hallways have extra space. Being a duplex down, this home has two living areas, two fireplaces, two bedrooms on the first floor, and one huge bedroom (13x15feet) down on the lower level.

This home, listed with @properties, is seriously listed at a great price, $374,000 and can also be rented out for $2,600 per month. 1950 Diversey is located close to a few parks, TONS of retail like grocery stores, retail, restaurants, everything. Plus, this part of Lakeview still has a lot of growing and redevelopment coming its way in the future!

Check out a few pictures below, and the take a look at the virtual tour by clicking HERE! Also, if you have any constructive opinions on what you see, go ahead and leave a comment! And if you have any questions about the home, just send me an email: jeffstewart@atproperties.com.

I have some plans moving forward with ChicagoismynewBlog! First, plans call to get rid of the pesky “.wordpress” and just go for ChicagoismynewBlog.com. I’m also starting to incorporate my very own real estate ventures in with the website such as advertising different open houses and properties that I’m directly working on. You never know when someone comes across something they like…but now it just needs to happen!

I’m also hoping to move ChicagoismynewBlog! over to a different website and make it more of an official real estate website for myself. We’ll see when that happens though, because it costs a lot of money depending on where I go.